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Fraud is a multidimensional issue that credit
unions must face every day. There can be fraud from within a
financial institution, such as collusion or fraud directed at a
financial institution, such as money laundering. An aspect of fraud
that is less well known to many credit unions is fraud related to
offshore “credit unions” and international banking companies (IBC).
World Council of Credit Unions, Inc. (WOCCU) has learned of several
organizations promoting schemes involving the sale of or membership
in “international credit unions” who report to be credit unions but
whose structure and activities in reality have nothing to do with
credit unions and the credit union philosophy. |
